MFSA: Making careers in financial services more attractive to young people.
The Issue: Malta competes with more than 60 jurisdictions worldwide to build a robust financial services industry founded on a high quality regulation and fiscal regime.
The Challenge: One challenge facing the jurisdiction is creating a labour pool for those entities in banking, insurance, fund management and trusts that choose to domicile in Malta. Malta currently has over 9,000 people working in the financial services sector being 5% of the total available workforce, and accounting for upwards of 20% of GDP.
The World Economic Forum’s Global Competitiveness Report, places Malta well within the top 50 most competitive countries worldwide. With respect to financial market development, which constitutes one of the 12 pillars of the Global Competitiveness Index, Malta ranks in 40th place. In this report, Malta is grouped amongst the most advanced economies worldwide, together with countries such as Switzerland, Germany, Denmark, Sweden, UK, Japan and the United States.
Ogilvy worked with the MFSA’s Education Consultative Council to work on positioning the financial services industry as a clear career choice to young people in Malta, and to make the various levels of entry into the industry visible. To meet this challenge, Ogilvy designed a website to appeal to several communities, school children in Forms 5 and 6, MCAST students, University undergraduates and post-graduates as well as parents and careers guidance teachers.
The Creative Idea: Ogilvy scripted, storyboarded and produced 6 films of 2 minutes each that depict the lifestyle and work environment of 6 young people who have already taken the decision to join the financial services industry. The agency also wrote the launch press release and authored a viral campaign to launch the website.
The Results: The website successfully went live at http://careersinfinance.mfsa. com.mt/ marking a milestone in the collective efforts undertaken by the MFSA’s Education Consultative Council to provide guidance and to promote careers in the finance sector.